Singapore Press Holdings announced on Friday an agreement to establish joint ventures with South Africa's Naspers Limited and Norway's Schibsted Media Group and Telenor Group to develop online classifieds platforms in the key markets of Indonesia and Thailand.

SPH said the move will bring substantial benefits to consumers.

Said the media company: "Combining the platforms will make it faster and easier for people to trade and turn their items into cash. They will also be able to choose from a wider selection of items and be more successful in selling their own items to a larger audience of buyers."

Said SPH chief executive officer Alan Chan: "We are pleased to partner with Naspers following our strategic investments with Schibsted and Telenor. It will greatly enhance our regional presence, ensure cost savings and promote exchange of expertise. We are confident that this move will help us better serve all consumers in the region."

The transaction is subject to approval by the European Union and is expected to close in early 2015.

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